NIKE REVENUE BEATS ESTIMATES

BENGALURU: Nike Inc beat estimates for quarterly revenue on Tuesday as strong digital demand offset the first China sales drop in nearly six years from the coronavirus-fueled shutdowns, but the company held back from providing a forecast due to the outbreak. Total revenue rose 5.1% to US$10.1 billion (RM44.7 billion) in the third quarter, beating the average analyst estimate of US$9.8 billion, according to Refinitiv IBES data. Net income fell to US$847 million, or 53 cents per share, from US$1.1 billion, or 68 cents per share, a year earlier, due to the hit from the outbreak and a non-cash charge related to a shift to distributor model in South America. – Reuters